Nevs finishes first electric car

4:46 min

National Electric Vehicle Sweden (Nevs) has finished its first electric car, which is inspired from the former Saab 9-3 sedan and will be sold almost exclusively in China.

The Swedish-Chinese automaker intended to launch its first electric car model in 2014, but the serious financial problems forced the company to delay the project.

"This car is important for the company to make some money and to start the production, which was stopped in Trollhättan during the last two years because of economic troubles that hit Nevs," says Victor Jensen Swedish Radio local reporter in the region.

The new model, which is expected to hit the market in early 2017, will travel 250 kilometers on a full charge from its battery.

Even though some 25 units have been assembled, the company has refused to present the finished model to the public.

The firm has decided to sell the car almost exclusively in China, where it has signed contracts to deliver some 150,000 units, because it says the demand is higher there.

"If you look at electrical vehicles in China, the government has announced many subsidies, as they want to push out more electric vehicles to the market," Jensen says. "The company has received a lot of money from China. They have also made deals with a Chinese bank to borrow a lot of money."

It is still unclear what brand the new model will have.

Nevs was created in June 2012 to buy Saab, which filed for bankruptcy in December 2011. It is currently owned by China's National Modern Energy Holdings, Tianjin Binhai Hi-tech industrial Development Area (THT), and the Beijing State Research Information Technology (SRIT).